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  "documentTitle": "Pershing Square | Activist Presentation Deck | 31 slides",
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  "authorName": "Pershing Square",
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  "presentationDate": "2008-05-01 00:00:00",
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  "pageNumber": 27,
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  "notes": "Includes detailed footnotes regarding share counts, debt, and EBITDA adjustments.",
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      "kind": "callout",
      "text": "Based on the assumptions below, the Pro Forma combined Company would have $473mm of '08E EBITDA without any cost savings. Assuming cost savings, the Pro Forma combined Company would have $633mm of EBITDA and is trading at 6.3x EBITDA",
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      "text": "(1) 2008E EBITDA estimates exclude non-recurring and one-time items. (2) Fully diluted shares based on all options outstanding and the treasury stock method. (3) Triarc EBITDA is based on Triarc Restaurant segment EBITDA and excludes $128mm of FY 2007A corporate expense, which is expected to be non-recurring. (4) See footnote 1 on page 23.",
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      "text": "EBITDA buildup and synergy impact on valuation multiples.",
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      "text": "Pro forma share count, market value, net debt, and enterprise value calculations.",
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      "kind": "title",
      "text": "Wendy's / Arby's Combination",
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